France Faces Record Trade Deficit
France’s trade deficit hit a new record of €11.5 billion in March, according to French customs data.
It is noted that the trade deficit worsened due to a sharp increase in energy prices following the Russian military operation in Ukraine. France’s trade deficit has already surpassed the €10bn mark in February, amounting to €10.3bn.
According to the customs, the sharp deterioration in France’s trade balance is due to an increase in imports compared to exports – €57.4 billion compared to €45.9 billion in March. The increase in trade volumes is due to higher prices: imports rose by 5%, exports by only 2%.
This is partly due to higher prices for hydrocarbons and electricity, the bill for which rose in France by 4% in a month and 19% in three months.